Ethereum to Rally Despite Currency Trend in Major Trend Reversal

Ethereum to Rally Despite Currency Trend in Major Trend Reversal

September 30, 2018 Off By Sydney Ifergan

Despite Ethereum having lost 70% of its value in the current year, the biggest Crypto Bull of Wall Street has to say that it is “about to rally strongly.”

Tom Lee had stated that in the past, for nearly four on four times when Ether underperformed, by two major trends there was a “Major Trend Reversal”   The current trend he says is related to panic selling, improved competition, and confidence issues in the technology roadmap.

Lee meanwhile “believes sentiment is currently overly negative on ETH.” While it has underperformed its peers by two standard deviations, Lee said that’s “a sign of capitulation.”

Lee, however, states that the threats to Ethereum consist of “challenging technical picture” and the technical strategist Rob Sluymer of “firmly in a pronounced downtrend.”

Alexis Ohanian, the co-founder of Reddit, has to say that “Ether will be worth $15,000 a token by the end of 2018.”

Ohanian has long been a bullish commentator.  In the past he had remarked, “You know we are not in the business of speculating on the short to medium term prices. The reason we were that first check in Coin base, is we believed in the underlying technology.”

He had previously stated, “But what, this is more than anything else is a changing sign of times.  This technology the blockchain is enabling things like BitCoin to work and to scale and as volatile as it has been we see that it is continuing to going up over the long term.”

Ohanion is of the opinion that the top network applications of Ethereum can be built, which can be Air Bbn, Uber and home sharing apps.  When that happens, he states that “Ethereum will have its worth multiplied a lot of times.”

Buterin told Bloomberg at a blockchain conference in Hong Kong that due to superficial awareness the crypto and blockchain activity will plateau, “ If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

The industry is moving from the stage of “just people being interested” to a phase where “real applications of real economic activity is seen.”

Barry Silbert, Digital Currency Group, in the past stated, “Anybody who spends the time to look in to “What is this asset class” why is it important? Why does it have such potential? Then, they come out of it being a believer.  The infrastructure is being built.”

The low price of Bitcoin during beginning stages had adopters who were able to manipulate the market effectively.  They were popularly called as whales. Famous examples consisted of “Winklevoss Twins, Barry Silbert, Tim Draper, and Satoshi Nakamoto himself.”  The market is currently divided, new trends are yet to crop up.

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